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¿Qué hay de malo con los mercados financieros internacionales?

  • Ricardo Hausmann
  • Eduardo Fernández-Arias

    ()

(Disponible en idioma inglés únicamente) Las últimas crisis financieras y contagios recientes hacen cuestionar lo acertado de la apertura de la cuenta de capital. Existe el consenso de que hay algo pésimamente malo con la manera en que funcionan los mercados financieros en el caso de los países en desarrollo y que urge hallar una solución. Pero, ¿qué es lo que no funciona? La mayoría de los puntos de vista en los países desarrollados identifican los problemas con un exceso de flujos de capitales atraídos por el riesgo moral. Sin embargo, nuestro análisis muestra que el papel de esta distorsión se está exagerando demasiado y que, por contraste, las principales distorsiones en los marcados financieros internacionales se vinculan con flujos de capitales muy exiguos, restringidos por el riesgo soberano y excesivamente inestables debido a las fallas del mercado.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4226.

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Date of creation: Aug 2000
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Handle: RePEc:idb:wpaper:4226
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  1. repec:att:wimass:8813 is not listed on IDEAS
  2. Bulow, J. & Rogoff, K., 1988. "Sovereign Debt: Is To Forgive To Forget?," Papers 411, Stockholm - International Economic Studies.
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  5. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," Research Department Publications 3069, Inter-American Development Bank, Research Department.
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  7. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August.
  8. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-72, January.
  9. Buiter, Willem H. & Sibert, Anne, 1999. "UDROP: A Small Contribution to the New International Financial Architecture," CEPR Discussion Papers 2138, C.E.P.R. Discussion Papers.
  10. W.H. Buiter & A Sibert, 1999. "UDROP: A Small Contribution to the International Financial Architecture," CEP Discussion Papers dp0425, Centre for Economic Performance, LSE.
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